Photo: Kim Kyung-Hoon/AFP via Getty Images

Treasury Secretary Steven Mnuchin and Federal Reserve chairman Jerome Powell will both testify before the Senate Banking committee next Tuesday as part of oversight of the CARES Act, which requires them to give quarterly updates to Congress on economic programs.

Why it matters: The Treasury and the Fed have been closely linked amid the downturn. Mnuchin at one point was speaking to Powell "30 times a day." This hearing will be the first time since the coronavirus crisis began that the pair will publicly — albeit virtually — appear together.

What to watch: Mnuchin has cautioned against moving too quickly with additional stimulus. Powell said this week that more fiscal action is needed.

Go deeper

Dion Rabouin, author of Markets
Aug 20, 2020 - Economy & Business

Investors are looking for more action from the Fed in the coming months

Expand chart
Data: Federal Reserve; Chart: Axios Visuals

Minutes from the Fed's July policy meeting were released Wednesday and policymakers' dour outlook suggests that more easing and stimulus could be on the way, strategists who closely watch the central bank say.

Why it matters: More liquidity from the Fed could mean more gains for stock and bond prices and further erosion of the dollar.

Dave Lawler, author of World
28 mins ago - World

U.S.-brokered ceasefire collapses in Nagorno-Karabakh

Volunteer fighters in Stepanakert, the capital of Nagorno-Karabakh. Photo: Aris Messinis/AFP via Getty Images

A U.S.-brokered ceasefire between Armenia and Azerbaijan in the disputed territory of Nagorno-Karabakh crumbled within hours on Monday, leaving the month-old war rumbling on.

Why it matters: Nearly 5,000 people have been killed, according to Vladimir Putin’s rough estimate, including more than 100 civilians. Between 70,000 and 100,000 more are believed to have fled the fighting.

Updated 1 min ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. World: Restrictions grow across Europe.
  6. Media: Fox News president and several hosts advised to quarantine.

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